Apply directly to BB for loans, ministry tells Alesha Mart

The commerce ministry has expressed its inability to assist Alesha Mart in securing a loan of Tk 300 crore, and asked the controversial e-commerce platform to apply directly to the Bangladesh Bank in this regard.

In a letter sent to Alesha Mart’s Managing Director Manjur Alam Sikder on December 15, the ministry asked the company to contact the central bank for loans instead of waiting for the ministry to put in a good word.

The commerce ministry neither accepted nor rejected Alesha Mark’s plea, and told them to contact the central bank for loans, Additional Secretary AHM Safiquzzaman told the Business Post.

The company had previously applied for loans from various banks, but could not secure it. Earlier this month, the platform approached the commerce ministry for an emergency working capital support of Tk 300 crore, to refund customers and resume operations.

In a letter, the e-commerce platform had offered collateral, including a land mortgage of 3,000 decimal, against the loan. “Alesha Mart has found itself among the highest growing South Asian companies with transactions of more than Tk 14 billion in only six months,” it read.

According to the company, it currently has 50,000 employees, 1.3 million app users and 0.8 million orders per month, and they have plans be the market leader in 2030. The platform resumed operations from December 19 after shutting down on December 2.

In an announcement made through Facebook live on December 15, Alesha Mart’s Managing Director Manjur Alam Sikder said, “The platform will deliver all due orders and refunds to consumers from January 15 to January 30.

“We will be able to start the refund process as we are resuming our operations. Customers notified via text messages or calls are requested to visit our office to receive their refunds.”

On December 2, Alesha Mart announced closure of their office and all formal activities citing security reasons. The company also claimed that some of its officials were attacked inside their office by some agitated customers.